This one is worth sitting up and taking notice of--

IEA warns against possible acute oil shortage

The International Energy Agency (IEA) has come to the conclusion that the world economy is facing a serious threat of acute oil shortage. IEA experts have prepared a special report, due to be published within a few weeks, in which they warn the key oil consuming countries about the need for immediately taking tough energy-saving measures, if the daily oil supply to the world market is reduced by one to two million barrels.

The measures, suggested by IEA, include the reduction of a working week, a ban on using privately owned vehicles, the introduction of a 90-kilometre speed limit, the reduction of public transport fare and the encouragement of staff members to work at home, using Internet.

The conclusions drawn by the IEA experts reflect their growing concern over the macroeconomic dynamics taking shape on the world oil market. According to the information of Itar-Tass, the latest studies show that oil shortage will become more and more acute within the coming few months.

As a result of it, IEA insists now on the changing of one of its basic principles. Its founding documents say that tough energy-saving measures should be taken by oil consuming countries, if oil deliveries to the world market are reduced by 7 per cent, which is now equal to six million barrels a day. IEA is going to reduce the amount to one or two million barrels.

The report, prepared by IEA, will be submitted for discussion at a meeting of ministers of energy of the IEA member countries, which will be held next month.